The general ledger of Red Storm Cleaners at January 1, 2021, includes the following account balances: Credits Debits $16,000 7,200 3,200 11,000 Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Salaries Payable Common Stock Retained Earnings Totals $ 3,400 5, 400 21,000 7,600 $37,400 $37, 400 The following is a summary of the transactions for the year: 1. March 12 Provide services to customers, $52,000, of which $20, 200 is on account. 2. May 2 Colleçt on accounts receivable, $17,200. 3. June 30 Issue shares of common stock in exchange for $4,000 cash.